Palm oil futures rise on higher oil prices and upcoming Ramadan

In Malaysia, mounting tensions in Iraq have boosted the price of petroleum, making biodiesel more attractive and therefore supporting palm oil prices to nearly one-month highs. With Ramadan starting next week, the month-long holiday is also expected to support prices which closed Monday $770 per metric ton. Soy oil prices are also tracking crude, up nearly 2% at 40 cents per pound.